KGG Investigating Cash App Data Breach Affecting 8.2 Million Users

Some 8.2 million users of the mobile payment service known as Cash App were impacted by a data breach. The parent company responsible for the app, Block Inc., notified the U.S. Securities and Exchange Commission that millions of customers may have had sensitive personal data compromised.

According to the securities filing, the data breach potentially affected customers who used Cash App Investing, not the person-to-person payment service known as Cash App.

Legal recourse may be available to those affected by the Cash App Investing data breach. If you are a currently a customer of the Cash App Investing app or have formerly been a customer and/or have received a NOTICE OF DATA BREACH regarding this incident and wish to find out more about this class action or participate in the litigation, please contact class action lawyer Melissa R. Emert, Esq. or Gary S. Graifman, Esq., via email: ggraifman@kgglaw.com and memert@kgglaw.com, telephone: (866) 896-0935, or fax: (845) 356-4335. 

Find out if you have a potential claim by speaking to class action lawyers at Kantrowitz, Goldhamer & Graifman. Our veteran attorneys can determine whether you qualify for monetary damages, and if class action litigation is the best course for achieving a favorable resolution.  

8.2 Million Cash App Investing Users Potentially Affected

In the SEC filing made on Monday, April 4, 2022, Block Inc. said that a former employee downloaded certain internal company reports in December, without legal permission. The former employee had illicit access to personal data, including full names and brokerage account numbers, as well as brokerage portfolio holdings, values – and in some cases, stock trading activity for a single day.

While the Cash App data breach did not unveil passwords, usernames, bank account details, or Social Security numbers, cybersecurity experts caution that the breach could prove financially devastating if the data is eventually stolen. All users of the Cash App Investing service are encouraged to enable two factor authentication and strengthen their passwords to help prevent fraudulent activity.

Ramifications of Lax Cybersecurity

Block Inc. is in the process of contacting Cash App Investing users whose personal data was impacted, and says it plans to enhance safeguards to protect customer information. While taking measures to strengthen cybersecurity is laudable, it does little in the way for customers whose trust has already been breached. Criminals have many resources at their disposal to break into accounts using stolen data. This recent incident also highlights the threat of insider fraud from former and existing employees.

When sensitive information has been compromised because of lax administrative and technical cyber-protections, you need guidance from experienced data breach attorneys. Kantrowitz, Goldhamer & Graifman has successfully litigated numerous data breach cases, achieving justice and fair compensation for our clients.

Once protected personal data, which is supposed to be secure and inaccessible to former employees, falls into the wrong hands, there is a much greater risk of identity theft and fraud.  

Cash App Date Breach Class Action Attorneys

The majority of data breach lawsuits cite the following causes of action:

  • Breach of contract
  • Negligence
  • Breach of fiduciary duty
  • Unfair or deceptive trade practices

Claimants can seek monetary compensation for a variety of damages in an effort to return to the financial position they enjoyed before the data breach. Defendants will often attempt to settle a data breach lawsuit, in some situations, before the class action is certified.

KGG Law has the resources and skill to pursue maximum compensation in complex data breach litigation. Current users of the Cash App Investing service who have received a notice of data breach are encouraged to reach out for a free and confidential consultation. There are no upfront legal costs as our fees come out of settlements or successful jury verdicts.

Additional Resources:

  1. SC Media, Cash App breach demonstrates threat posed by past and present employees https://www.scmagazine.com/analysis/identity-and-access/cash-app-breach-demonstrates-threat-posed-by-past-and-present-employees
  2. C|Net, Cash App Suffers Breach, With Ex-Employee Accessing US Customer Data https://www.cnet.com/tech/services-and-software/cash-app-suffered-breach-after-ex-employee-accessed-us-customer-data/
  3. CNN, More than 8 million Cash App Investing customers potentially impacted by data breach linked to former employee https://edition.cnn.com/2022/04/07/tech/cash-app-investing-breach/index.html